While stocks are performing well, there is an absence of upgrades and enthusiasm. Analysts remain tepid on stocks; "I find the ennui all around me nothing more than astounding," said Cramer. Whole Foods (WFM) reported a gigantic earnings beat, but most analysts felt the stock is too expensive and that all the good news was baked in. "This stock is at $77 and is going to $100," Cramer said. The stock galloped up 5.2%, even without love from analysts.

Apple (AAPL) reported promising data on its iPhone, iPad 3, and Cramer feels sure it has to go higher. However, the analysts were not enthusiastic, even as Apple trades at a cheap 10 times earnings. Coca-Cola's (KO) strong quarter was also greeted with indifference. Cramer said that he has never seen a more unjustifiably gloomy group of analysts. The rally could still be in the early innings.

Cramer took some calls:

Panera Bread (PNRA) did not report a great quarter. Cramer would wait to hear the next earnings before investing.

Oracle (ORCL) is trying to move into cloud, but Cramer is not a fan. He would sell and invest in better tech stocks.

Vodafone (VOD) should be in better shape as Europe improves. Cramer would stay with it.

Wells Fargo (WFC) is a fantastically undervalued stock; "It would not shock me to see WFC at $50."

Kimco Realty (KIM) is a REIT that runs shopping centers. A full 15% of revenues come from Canada and Mexico. With the dearth of new construction and retailers wanting to build more locations, Kimco should see increasing demand. The stock yields 4.1% and reported a solid quarter with an average occupancy rate of 93.3%, with rising rents. Since the REIT is focused on smaller communities, with its centers filled with supermarkets, drug stores and fitness centers, it is not so vulnerable to competition from the internet. The REIT is seeing strong growth in Canada and management expects to see a buildout of centers in Mexico.

Berkshire Hathaway (BRK.B) could be a stock worth buying for 2012. Investors trust Warren Buffett, but find the diversity of Berkshire's businesses hard to understand. It has insurance, chemicals, railroads and paint, but all of these individual businesses are outperforming competitors and are in sectors that are seeing an upside. Insurance accounts for 25% of Berkshire Hathaway's revenues, and other insurers are reporting strong quarters. For those who don't have $119,000 to spend for a share of BRK.A (BRK.A), BRK.B is a great way to get exposure to a variety of industries that are in the sweet spot.